GLENVIEW, Ill. — Illinois Tool Works (ITW) has reported an operating revenue decrease of 21 percent for the three months ended Feb. 28. The company said the revenue decline for the three months was due to a 20 percent decrease in base revenues and a 7 percent fall off in contributions from currency translation.
Acquisitions contributed 7 percent to revenues in the period. The company said the further decrease in revenues versus the company’s Feb. 16 release was primarily related to significantly lower than expected end-market activity in North America, Europe and Asia in January and February.
In January and February, the company experienced significantly weaker demand across worldwide end-markets versus its original expectations and expects similar trends in March. As a result, the company is now forecasting first quarter 2009 diluted income per share from continuing operations to be in a range of 8 cents to 16 cents.
The 2009 first quarter forecast assumes a total company revenue range of – 26 percent to – 22 percent versus the prior guidance revenue range of – 17 percent to – 11 percent.
